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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value Tables |
Financial instruments that were measured at fair value on a recurring and nonrecurring basis | The following table summarizes the Company's financial instruments that were measured at fair value on a recurring and nonrecurring basis at September 30, 2014. The impaired loans shown below are those in which the value is based on the underlying collateral value.
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description of Financial Instruments |  | Fair Value at September 30, 2014 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 18,465 |  |  |  | — |  |  |  | 18,465 |  |  |  | — |
Mortgage-backed securities |  |  | 133,769 |  |  |  | — |  |  |  | 133,769 |  |  |  | — |
Corporate bonds |  |  | 890 |  |  |  | — |  |  |  | 890 |  |  |  | — |
Equity securities |  |  | 6,130 |  |  |  | — |  |  |  | 6,130 |  |  |  | — |
Total available for sale securities |  | $ | 159,254 |  |  |  | — |  |  |  | 159,254 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 3,666 |  |  |  | — |  |  |  | — |  |  |  | 3,666 |
Impaired loans – non-covered |  |  | 2,982 |  |  |  | — |  |  |  | — |  |  |  | 2,982 |
Foreclosed real estate – covered |  |  | 3,237 |  |  |  | — |  |  |  | — |  |  |  | 3,237 |
Foreclosed real estate – non-covered |  |  | 11,705 |  |  |  | — |  |  |  | — |  |  |  | 11,705 |
The following table summarizes the Company's financial instruments that were measured at fair value on a recurring and nonrecurring basis at December 31, 2013.
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description of Financial Instruments |  | Fair Value at December 31, 2013 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 18,245 |  |  |  | — |  |  |  | 18,245 |  |  |  | — |
Mortgage-backed securities |  |  | 147,187 |  |  |  | — |  |  |  | 147,187 |  |  |  | — |
Corporate bonds |  |  | 3,598 |  |  |  | — |  |  |  | 3,598 |  |  |  | — |
Equity securities |  |  | 4,011 |  |  |  | — |  |  |  | 4,011 |  |  |  | — |
Total available for sale securities |  | $ | 173,041 |  |  |  | — |  |  |  | 173,041 |  |  |  | — |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans – covered |  | $ | 15,284 |  |  |  | — |  |  |  | — |  |  |  | 15,284 |
Impaired loans – non-covered |  |  | 13,020 |  |  |  | — |  |  |  | — |  |  |  | 13,020 |
Foreclosed real estate – covered |  |  | 24,497 |  |  |  | — |  |  |  | — |  |  |  | 24,497 |
Foreclosed real estate – non-covered |  |  | 12,251 |  |  |  | — |  |  |  | — |  |  |  | 12,251 |
Schedule of the carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments at September 30, 2014 and December 31, 2013 are as follows:
|  |  | September 30, 2014 |  | December 31, 2013
($ in thousands) | Level in Fair Value Hierarchy |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Cash and due from banks, noninterest-bearing | Level 1 |  | $ | 84,128 |  |  | 84,128 |  |  | 83,881 |  |  | 83,881
Due from banks, interest-bearing | Level 1 |  |  | 251,111 |  |  | 251,111 |  |  | 136,644 |  |  | 136,644
Federal funds sold | Level 1 |  |  | 1,275 |  |  | 1,275 |  |  | 2,749 |  |  | 2,749
Securities available for sale | Level 2 |  |  | 159,254 |  |  | 159,254 |  |  | 173,041 |  |  | 173,041
Securities held to maturity | Level 2 |  |  | 53,821 |  |  | 57,601 |  |  | 53,995 |  |  | 56,700
Presold mortgages in process of settlement | Level 1 |  |  | 5,761 |  |  | 5,761 |  |  | 5,422 |  |  | 5,422
Total loans, net of allowance | Level 3 |  |  | 2,381,959 |  |  | 2,331,525 |  |  | 2,414,689 |  |  | 2,352,834
Accrued interest receivable | Level 1 |  |  | 8,885 |  |  | 8,885 |  |  | 9,649 |  |  | 9,649
FDIC indemnification asset | Level 3 |  |  | 25,328 |  |  | 24,452 |  |  | 48,622 |  |  | 47,032
Bank-owned life insurance | Level 1 |  |  | 44,996 |  |  | 44,996 |  |  | 44,040 |  |  | 44,040
Deposits | Level 2 |  |  | 2,679,012 |  |  | 2,679,281 |  |  | 2,751,019 |  |  | 2,752,375
Borrowings | Level 2 |  |  | 116,394 |  |  | 106,139 |  |  | 46,394 |  |  | 34,795
Accrued interest payable | Level 2 |  |  | 695 |  |  | 695 |  |  | 879 |  |  | 879

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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